Striders Impex Limited is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise. The Company offers end-to-end solutions from product design and development to sourcing, manufacturing and distribution, catering to retail formats across India and select international markets. The Company caters to a wide demographic, offering products suitable for children from 18 months up to 15 years of age. Through strong licensing arrangements, Striders Impex has access to multiple well-known international brands. These licensing partnerships enable the Company to design, manufacture through third parties and distribute products that feature popular characters and themes, thereby increasing market acceptance and consumer recall. In addition to its operations in India, the Company has a business presence in the Middle East via Striders FZ LLC its wholly owned subsidiary company, through a network of distributors that supports its international distribution network and strengthens global distribution and client relationships. The company’s global footprint enables it to closely track emerging trends through its distributor networks, positioning it to rapidly scale and capitalize on opportunities in global markets. The Company’s business operations are designed to offer integrated solutions from concept and product design to sourcing, and delivery, ensuring a reliable and efficient supply chain for its partners. This end-to-end capability has made Striders Impex a preferred supplier for licensed and their owned brand merchandise. Striders Impex Limited combines in-house product development with outsourced manufacturing. The Company conceptualizes and designs a wide array of consumer products, particularly in the toy, and lifestyle categories, by studying evolving market trends, consumer preferences, andproduct innovation opportunities. Once designed, these products are manufactured through third-party manufacturers located in both China and India. The Company has also entered into a manufacturing arrangement for its proprietary brands Pugs at Play and Plush on a job-work basis in India, with the raw material being procured from China. As per financial performance, Striders Impex Limited has posted total income / net profits of Rs 29.96 / 2.03 Cr (FY23), Rs 41.77 / Rs 4.38 Cr (FY24), Rs 61.95 Cr / 8.40 Cr (FY25) and Rs 49.61 Cr / 4.01 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth, but total trade receivables of FY25 is around 33% of FY25 total sales and net cash flow is negative for FY23, FY24 and 9M FY26. Company has an average EPS of Rs 4.48 and average RoNW of 67.09% for last three fiscals. Issue is priced at a P/BV of 4.22 as per NAV of Rs 17.07/- as on 31.12.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 30.56, 15.94 and 25.07 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Capital Square Advisors private Limited is associated with this IPOs, and has handled 1 IPOs in last three fiscal years. From last one IPOs, that opened below issue price or at par, on the day of listing. As of now, from last one IPOs, that is trading below issue price or at par. (as on 17.02.26 ) As per financials, Striders Impex Limited has shown average results, RoNW is 56.51% and P/E is 30.56, 15.94 and 25.07 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced. Also higher trade receivables, negative cash flow for FY23, FY24 and 9M FY26 and high short term borrowings are some red flags. Company is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise, which is highly competitive business segment. For, BRLM this is 1st IPO in last 3 fiscals. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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